Chat with us, powered by LiveChatMelbourne house prices rise slightly after recent slump

Melbourne house prices rise slightly after recent slump

Once again this weekend we have seen the ongoing strength of demand from buyers in the inner north-west resulting in some exceptional sale results.

Melbourne house prices increased 0.8 of a percentage point during March, second only to Darwin, which recorded a 2.2 per cent increase in house prices for the month.

All other cities continued to record price falls.

This takes the median Melbourne house price, based on sales during the past three months, to $492,500.

Unit and apartment prices in Melbourne also showed improvement with only a slight price fall of 0.1 per cent to produce an average sale price during the past quarter of $420,000.

Landlords are also facing a brighter future with RP Data also reporting an increase in weekly rents across all capital cities of 4.6 per cent during the past six months.

However, Melbourne still has one of the lowest rental yields across the country with landlords earning returns of just 3.8 per cent from houses and 4.2 per cent from units a year.

"While residential property owners may not have seen any capital growth over the past 12 months, many are realizing robust increases in rental yields," RP Data research director Tim Lawless said.